Lake Tahoe Experts

Have you ever noticed when you're in a hurry, something like you've got only 15 minutes to do 10 AR comments, and that damn plant-code-name capture box irritant mooska kind'a thing won't work, and it stops you cold in your hurried track?

Well, is it me, or is that damn thing gone? I just did 10 comments in a row, and about halfway through realized it was so much faster, and smoother than usual. Then I realized, like a swarm of gnats that simply disappeared, it wasn't there anymore.

Then I thought about it not ever needing to be there in the first place. We're already signed in as members, right?

Not that "fast" or "deadline" have any relevance to quality commenting, sometimes in fact they skew otherwise, but this smoother thing is wonderful.

So if it's really true, and this needless pest has flown the coop after all, then who did it? What kind of AR brilliance is this?

Lets have a new AR contest, "Name the Exterminator."

Lets give'em a bronze statue, encourage them, let them loose. There must be yet more Einsteinery in store.

Being somewhat dullard and reluctant technophiles, we had not bought a Flip before we got to Blogger Connect. But once there, we realized it was something we had to have. Especially after seeing how quickly Jeff Dowler was ready to blog live with his.

We also got a full dose of it at the REbarcamp the day before. Rich, Brad and the rest were all covering the good stuff said with it. We had to ask what one of those darn things was.

So we stopped in Sacramento and bought one on the way home.

What's cool is we had to use if for real yesterdady to cover a house, a REO, for an out-of-town buyer to make an offer on it today. So we did that, and figured out how to get the clips to him, compressed, by email. Whew!

But we noticed the editing software is perfuntory at best. (Can't add inserts, stills, copy... etc. Or we've missing it.)

What are you using that works best? That's easiest?  (I've taken Final Cut Pro classes before, and really don't want to get into a pro level with this if we can avoid it. Both time and patience are lacking for that.)

We're gong to get a notable AR guy person to help us. Think there is a real worthwhile use for this at the client level for sure, and of course there's always an opportunity to compete at the local multiplex with Bloggin' Bertha, and the two talented, but nevertheless loons that watch her.

We liked them all, but got a lot out of 3 sessions in particular. The best thing was, we think, that Linda Davis (not pictured) got a deal because of a post about her cat.

This is our Jeff Dowler, without his hat, set up for shop before it all started. This is half of the room behind him. And yes, he's ready to blog live. How cool is that?

This is Brad, everpresent, taking a picture of us taking a picture of him. It really was a whilrwind, and a rubber necking field day trying to recognize faces from AR photos. And those name tags hung mid chest high, and lower, which sets up staring at the middle of folks torsos to try to figure out who they are. Rather awkward, but fun nevertheless.  There were more of us there that we didn't hook up with than those we did. Suspect that was pretty much the same for most.

Jeff again, and Missy Caulk of course. We were all out in the hall during the "how not to get sued" session, waiting on Brad to interview us on his Flip. We all surmised that full disclosure, and telling the truth was the best bet.

Brad sets up his interview with Gena Riede. She fully disclosed too. One suspects Brad's video interviews will soon come. Should be fun.

They put on a good reception for us. And it started at 9pm, which is past our bedtime (yeah, sure). There was nice finger food, beverages, and no rubber chickens that we saw.

These were the barbarians at the gate. What you saw getting out of the elevator before entering the do. That's Brad and Don Rich, of course. AR will never be the same.

These are our make over 2 take over contest winners, Brian Block and Desiree Daniels, having obviously survived getting past the two trolls at the front door. Here, they're less surprised than they were when they won earlier in the day.

This one's cool. It's Brad twice in a looking glass. And the lady in the mirror? That's Brad's much better half, and like a big dummie, I either forgot her name, or we're setting up another meaningful AR contest, "name the lady in the mirror." (She's the one who was behind Brad's post earlier this year... that changed his life good and brought him to us.)

This is Brian, Brad and one of us.

One of the Top Buys in the NV Ski Community of South Lake Tahoe Market Right Now.

(LAKE TAHOE REAL ESTATE BLOG) As mentioned in the post below, South Lake Tahoe Bargain Hunting 101, we’ve had recent requests from many Buyers who are looking for the best deals on the market. (That’s one of the productive things about this blog, we’ve got real buyers asking real questions.)

You will find that 718 B Tina Court, a recently updated townhome in the ski community near the top of Heavenly Mountain in Nevada is a great find for any bargain hunter.

To best help one appreciate and become comfortable with what a South Lake Tahoe bargain is, we’ve also posted the following articles:

“The South Lake Tahoe House: How to See how it Stacks Up against its Competition” (here)

“Emotion and Ego: The Necessity of Taking Them Out of the Sale of a South Lake Tahoe House.” (here)

“How to Gain Market Control as a Buyer in South Lake Tahoe.” (here)

The bottom line about being comfortable with making a buying decision in South Lake Tahoe is not just to be pointed to a particular house, but to be shown, not told, why it is a bargain.

To best do that, we’ll be ranking the 718 B Tina Court towhhonme against its competition. Lets see how we do to help bargain hunters with show, not tell.

718 B Tina Court, Stateline, NV
$399,000
3BD, 2 BA
1,600 Sq. Ft.
Built in 1980, but just remodeled to put it on the market.
Full mountain views, and partial lake views from decks and one bedroom.

Here's a flyer too. And the website the owner has used for vacation rentals before it was remodeled for sale.

Why 718 B Tina Court is a Bargain :

Of the 3BD townhomes and condos on the Ski Community Market in Nevada: (17 of them)

• It is priced 8th.
• It is first in condition (never lived in after being remodeled for sale).
• It is first in size, meaning biggest (there is one larger, but it's a much less desirable distressed short-sale in a building much in need of repair).
• It is 4th in price per square foot.
• There are 5 newer (but not in better condition, and those that are newer were built 25 years ago)

Of 3BD townhomes larger than 1,500 square feet:

• It is first in price.
• It is the largest.
• It is first in price per square foot (we're not including the one that's a distressed sale in the run-down building).

Considering "Seclusion":

• It is set-back from the street by about 20 yards, and located behind units on either side.
• Some have thought they'd rather be on the street.
• They failed to appreciate that it's the set-back that both renders 718 B Tina Court so quiet, and gives it those terrific mountain, snow cap and partial lake views.

Compared to Ski Community townhomes and condominiums that have sold in the last 365 days: (16 of them)

• 718 B Tina Court is second in price per square foot.
• It is the 2nd newest (best condition)
• It is the 3rd largest.

If we can help you with 718 B Tina Court, or with any other South Lake Tahoe real estate information, please call or email us.

Yep, it’s one of the Top Three Best 4BD Buys on the South Lake Tahoe Market Right Now.

As mentioned in the post below, South Lake Tahoe Bargain Hunting 101, we’ve had recent requests from many Buyers who are looking for the best deals on the market. (That’s one of the productive things about this blog, we’ve got real buyers asking real questions.)

To best help one appreciate and become comfortable with what a South Lake Tahoe bargain is, we’ve also posted the following articles:

“The South Lake Tahoe House: How to See how it Stacks Up against its Competition” (here)

“Emotion and Ego: The Necessity of Taking Them Out of the Sale of a South Lake Tahoe House.” (here)

“How to Gain Market Control as a Buyer in South Lake Tahoe.” (here)

The bottom line about being comfortable with making a buying decision in South Lake Tahoe is not just to be pointed to a particular house, but to be shown, not told, why it is a bargain.

To best do that, we’ll be ranking a home against its competition. Lets see how we do to help bargain hunters with show, not tell.

  851 Rainbow Drive, South Lake Tahoe, CA
$389,000. (But it was just reduced to $375,000)
4BD, 2 BA
1,720 Sq. Ft.
Built in 2004

Here's a flyer too:

  Why 851 Rainbow Drive is a Bargain  :

Of the 4BD homes on the Market: (132 of them)

• It is priced 9th.
• It is 14th lowest in price per square foot.
• It is 18th in size.

Of the 4BD homes on the Market between $350,000 - $400,000:

• It is the 3rd largest.
• It is the 2nd newest.
• It is priced 8th.
• It is 4th in price per square foot.
• Of the 3 homes that have a lower value per square foot:
  
  • 2 are significantly older (1966, 1968)
  • 2 are bigger
  • both of these have been on the market longer (145 and 192 days)

Of the 4BD homes on the Market that are priced less:

• 851 Rainbow has been on the market for 58 days.
• 6 have been on the market longer (between 87 and 809 days).
• 2 have been on the market less than 58 days. (21, 34 days respectively)
  
  • Of these 2, both are significantly older (1951, 1966)
  • one is significantly smaller (1,368 sq ft.).

Of the 4BD homes on the Market between $400,000 - $450,000 (or the next price range higher)

• There are 9 of these.
• 851 Rainbow is priced first (obviously).
• It is also first in age, meaning the newest.
• 4 are bigger.
  
  • 2 of these have been on the market for 103 and 295 days.

• only 3 have a lower price per square foot.
  
  • 2 of these have been on the market for 103 and 295 days.
• 2 have been on the market for less than 58 days.

Absorption Rates (all of them here, about and how to use them here)
An average of 4.8 homes have sold between $350,000 - $400,000 in the last 180 days (29 total).

• 5 of these were 4BD homes.
• 851 Rainbow is at least 28 years newer than all of these.
• 3 were larger (on market for 110, 276, 383 days respectively)
• 4 had a lower price per square foot (on market for 110, 276, 383 days respectively)

6 homes sold in South Lake Tahoe between $350,000 - $400,000 in the last 30 days.

• Only 2 were 4BD homes (all others were priced higher, from $525,000 to $1.5M)
• Both are older (1966, 1976)

If we can help you with 851 Rainbow Drive, or with any other South Lake Tahoe real estate information, please call or email us.

Yep, a South Lake Tahoe Bargain needs to be shown, not told. The key to it is Why?

(LAKE TAHOE REAL ESTATE BLOG) In the last few days, we’ve had a handful of requests for the best buys on the South Lake Tahoe market. We like that, and find it encouraging.

Yes, South Lake Tahoe is a buyers market. We all know that, and these requests are from blog customers, all of them buyers, who not only know there are deals to be had right now, they have a good understanding of current South Lake Tahoe conditions, and want to know what the best bargains are.

We are known for our numbers, statistics and market knowledge, which is pretty much what this blog is all about. We’re also known for doing things a bit differently, and more thoroughly.

As such, when our readers ask us for information, particularly about houses that are excellent deals in our market, we suspect they expect more from us than just pointing out a house and telling them its a bargain. Rather than tell, we’ll show you why they are.

When bargain hunting, what’s important is making sure one recognizes a good deal when one sees it.  You don’t want to miss that perfect house... at the best possible price. Being subtle things sometimes, and highly coveted, bargains don’t necessarily stand up and scream “It’s me! I’m the deal you’re looking for!” (studies on that here, here and here.)

Bargain shopping, therefore, is more like an art form coupled with some focused detective work, an effort that requires smarts and skill, and a little research to put it all together.

Bargain hunting in South Lake Tahoe also requires a real estate agent you can trust. One who knows the market cold. If you don’t already have one of those, we’ll gladly volunteer (please call or email us).

Being able to see why something is a great deal is what takes a bargain out of the rough. Exposing it, making it clear, that’s where the showing part of bargain hunting shines.

We’re going to do a few of these good deal “show, not tells” for you. We’ll do some of our listings first, not because they are ours though, but because they really are demonstratable bargains.

The bargains we have are from our Sellers who have either priced their homes spot on from the get-go, or they are priced right now. Part of that is because they’re motivated to sell, and they appreciated, participated, listened to, and accepted our market workups and analysis for them (sample here, study here)

We’ll do each one in a separate post called “South Lake Tahoe Bargain Hunting” followed by the address of the property.

After that, we’ll do a few that we don’t have listed as well. Just for drill. The bargain is the quest, not whose listing it is.

Where in the world was Rich Jacobson... well, he seemed to be everywhere!

One of the great things about Inman Connect, and Blogger Connect that was central to it, was there were so man Don Rich sightings. There were plenty enough of them, and Brad too, to give us that nice AR glow.

Seems we real estate bloggers are becoming known as a "cult" in our industry, leading the edge so to speak. Donno 'bout that, but do now we're not lead poor, not by a long shot. And when this market swings back around, whenever it does, well, it's going to be fun being that busy. (Yep, the assistants will be coming back then!)

Now back to the business at hand. Here's 3 Rich sightings at once. That's both of us with our "Rich Tags", and the real Rich himself. Here at the AR do on Wednesday night. That's Tom Plant in the far bg.)

Here's the real Rich, aka the real thing, plus twin Rich's on our name tags. Some even asked why he was on our name tags, obviously not knowing the goal was father-time photos to make each of us feel younger.

Here's Rich, and one of us, and one of our owners, Nancy Fennell (in kinda Missy glasses). It was Nancy  who heard the cult comment. As for us, we like to keep it nondescript about who does what on our blogs. My brother does the verbs and prepositions, and I do the other words. (nouns, articles, adverbs, dangling participles... you know.)

But what about that smile? Have you ever seen a Rich Don so carefree before?

Wuz way cool, the whole thing. We gotta tell' ya.

And as soon as we get out desk cleared, there will be more.

Or how to price against competition if you’re a South Lake Tahoe Seller... or make sure you didn’t pay too much if you’re a Buyer.

(LAKE TAHOE REAL ESTATE BLOG) Selling a house is not an exact science. Neither is evaluating one, or buying one for that matter. That's true throughout the country, and South Lake Tahoe too.

There’s always much emotion and subjectivity involved, which is one of the reasons why it’s often so difficult for some to arrive at an objective conclusion about what a home is worth.

In one sense, though, and it’s a rather simple cliche, a home’s value is what a buyer is willing to pay for it. Nothing more, or less. Getting to that point, however, where the market dictates value, is a process.

 About the Process  :
For a Seller, the process can be done rather quickly, or it can be long and drawn out. In a buyers market, particularly like our current market climate in South Lake Tahoe, when the process is quick it almost always makes the Seller more money, both in terms of cash and the time value of money.

When the process is lengthened, which always occurs from setting too high a price, it always costs the Seller money, both in terms of cold, hard cash, and the time value of not having money vs. having it. One purpose of this post is to help prevent that.

For a Buyer, the process too can be over rather quickly. Though that may not necessarily save a buyer money, it will save them the cost of time.

If a buyer is unsure of market value, particularly in these economic times, the process will take longer, sometimes much longer. That will cost a buyer money, particularly if they wait too long and market conditions change into a Seller’s advantage.

What almost always causes a buyer to lengthen the process is a fear of paying too much (more about that here). This definitely costs money in terms of time. It also comes with a real, but unquantifiable cost to the buyer’s emotions in terms of missing out on that perfect house. The other purpose of this post is to help prevent that.

So what  it comes down to is both buyers and sellers have to get as comfortable as possible, as quickly as possible, with the process. To do that, both must understand how the value of their house, or the one they want, stacks up, or ranks, against the competition.

When this is understood, both a buyer and a seller will rule their process, rather than letting the process rule them. This is what we mean by taking control over the market.

  About Value  :
Value, we understand, is in the eyes of the beholder. It’s also found in spreadsheets. where it is possible to be far more precise about value, rather than less so. It is here, for example, that we can begin to understand the value of a lake view vs. not, or a new house compared to one that isn’t, or what a remodeled kitchen with stainless steel and granite means as opposed to one with formica and avocado and orange colored everything.

It’s still not an exact science, granted, but it beats the hell out of guessing, and if one is willing, using market data wisely does allow one to know exactly what the market is, and is not. It also gives one that critical feeling of comfort and control... that saves both time and money.

A home’s value is usually derived by both a willing buyer and an Appraisal, which is the last documentation of value before a sale occurs. (A bank will not make a full loan on a home that is appraised under purchase price).

A good question is, and we like this one, is what does an appraiser use to appraise a home? Recent market data, the same market data that we give to you, that’s what they do, and it’s certainly the basis for every home evaluation made. (In fact, some area appraisers use the data found in our left sidebar, and we frequently get calls from appraisers for our opinion on their work as well.)

Appraisers are licensed, trained, educated professionals, who are an essential check and balance for our industry, whose work we fundamentally respect and appreciate. It is possible, if not likely, however, that one could get three different numbers on the same house from three different appraisers. This is certainly true for evaluations from real estate agents as well.

The point is, though, that the numbers need be close. Those that we provide always are, and it is our experience that the numbers from any appraiser in this market always are as well.

At its essence, an appraisal is nothing more than an analysis of the value of a particular property. The basis for the analysis is a value deducted from comparing the subject property to recent sales of similar properties.

A listing, however, does not necessarily have a recent appraisal (some of ours do). It’s value, or the listing price, is set by the Seller. The basis for that decision usually comes via the help of the listing agent, but not always. Some Seller’s just have a mind of their own. You know that; buyer’s know that, we all know that.

At its essence a listing is a proposal to sell a property at a suggested price, that may, or may not have any bearing on its competition, which are homes priced similarly, or market reality.

Two factors determine if a listing will sell or not at anywhere near the listing price: if it stands out against its competition, and if a buyer is willing to pay for it.

A buyer will not buy a home until they are comfortable that they are not paying too much for it. The basis for that comfort, and the buying decision, is therefore predicated on how well a house stacks up against its competition.

 How to Measure a House against its Competition  :

The following steps are the same for both a Seller to know how their house stacks up against its competition, and for a Buyer to become sufficiently comfortable to make a buying decision.

(If what’s below is tedious, confusing, or we didn’t explain it clearly, call or email us and we’ll be happy to show it to you.)

  First  : Lets Know what we’re looking for.
We know we’re going to have to look at some market data. Before that, lets have some key questions in mind that we’ll want the numbers to answer for us.

• What do you think might be your price range? (of the home you want to sell or buy)
• How many homes sell in that price range per month in the current market condition?
• How many are on the market in your price range right now?
• What homes in the price range are going to sell in the next 30 days, and why?
• If  I had my choice, what is the first home I’d buy in my price range, and why?

For Sellers, remember the key to pricing a home properly against its competition is to think of yourself as a buyer. “What would I buy now, and why” needs to be thought out objectively and with as little emotion and attachment as possible.

For Buyers, it’s important to remember that you’re buying a house, not a “deal.” The house that is perfect for you might not necessarily be the absolute best deal on the market in terms of square foot value, for example. “Is it the deal, or the house” needs to be thought out objectively.

  Second   : We’ll find it in the numbers
look at all the numbers in excel workbook (examples here)
look at the absorption rates for the entire market and your price range (CA here and NV here)

  Third  : Spreadsheets are where it comes together
get excel spreadsheets of everything in your price range:

• all similar sales in last 180 days
• all similar current escrow
• all similar active listings

Each spreadsheet must have at least the following data columns for each home on it: Lets also add a search filter to the top of each column (we’ll show you how to do that, email us)

• Neighborhood
• Address
• #BD
• #BA
• Year Built
• Original LIst Price
• Current Price
• Price Sq Ft
• Days on Market

Now lets remember that there are at least 5 key factors to look at when comparing a house:

• Size
• Age
• Price
• Condition
• Location

  Fourth  : Lets Compare
Through the search filters at the top of each column on the spreadsheets, lets consider the following:

  Size  :
Which is the largest? The smallest? Where is my house, or the one I want, in relationship to its competition? Lets rank each one. What is 1st in terms of size, 2nd, 3rd and so on?

  Age  :
Which is the newest? The oldest? Where is my house, or the  one I want, in relationship to the others? If it’s not one of the newer ones, has it been updated and remodeled? Lets also rank each one. What is 1st in terms of being newest, 2nd and so on?

  Price    :
Which is the lowest priced house in your price range? Why is it the lowest? Also what is the highest, and why? Lets rank each one. What is 1st in terms of price, 2nd, 3rd and so on. Where does your house, or the one you want to buy, rank in the mix?

  Condition   :
You will notice that “condition” is not one of the search columns. Because condition is so arbitrary, it is not a data entry that is used on our MLS. Year built, though, often indicates condition, as does recent updating or remodeling.

When determining condition, what we do is usually a combination of a few things: we look at each house, or already know the condition of a house, and/or look at recent photo coverage of it. The goal is to understand how the condition of the house you want to sell, or buy, relates to its competition. (If it’s lower, you’ll want to update or sell at a lower price, or you may well be able to buy at a lesser price.)

  Location  :
This too is not one of the search columns. And again it does not appear as an MLS entry because location is so subjective. We generally look at location in terms of those with a lake view, or a forest setting, or on a cul de sac, or a corner lot, or none of them.

To some a lake view comes first. To others it’s a forest setting. To another it could be proximity to the ski lifts or the casinos. Like condition, it’s difficult to “rank” location. Nevertheless, it is important to consider how the location of the house you want to sell, or buy, relates to its competition. “Is it in the most valuable place, the most desirable, or the least?” is a good question to keep in mind.
 
 What will sell first  ?
This is where both ranking a house and absorption rates come into play. Lets assume that the current market is “absorbing” 3 home sales per month in the price range of the home you want to sell, or buy. Lets also assume there are 15 homes listed in that price range too.

Lets go back through our rankings and ask this: if three of 15 homes in my price range are going to sell this month, which 3 will it be?

If there is a home that is ranked 1st in price, meaning the lowest, 1st in size, meaning the largest, 1st in age, meaning the newest, and it’s in good condition in a desirable location, this will be the home that sells first. At or close to listing price. Period.

The idea is this. The closer a home is to being 1st in the key categories of price, size and age, the quicker it will sell. Good location and condition will only add to it. And it will get a higher percentage of it’s listing price compared to the competition.

For a Seller, if you want to sell your house in this buyers market, you should significantly consider making sure your house is ranked first in those aspects you can control, which is price and condition.

If you price your house higher against its competition, particularly in this market, chances are it will not sell at all, or if it does, it will take many months longer than it should have, and will likely sell for less than it would have in the first place. (see study on that  here)

For a Buyer, if the house you want is ranked first in its range, or one of the top three, and you really want it, buy it now. This is a right priced house and it will sell closer to the listing price than the competition. If your offer is too low, it is likely you will lose it to another buyer.

If its a “deal”, rather than a house, that’s most important to you, look for the houses that are ranked lowest in terms of price, then age and/or condition. These will certainly have been on the market for the longest time as well.  These are the homes you may wish to consider a lower offering strategy, rather than the ones that are priced right and the most desirable.

We hope you have found this discussion helpful, and that it might possibly give comfort to you if you are either a buyer or a seller. If you would like for us to do this work for you, please call or email us.

It was the request to put our picture on our name tag that scared the hell out of us.

Gulp! It shook my knees... and rattled my brain. Enough to make a man insane.  Goodness gracious, it was a great ball of fire!

Right there in black in white, smoking, flaming by golly, on Brad's piece about the AR party at blogger connect: we have to put our picture on our name tag... so others could see how old we actually are compared to our real estate picture.

What kind of torture is that? Brad as Torquemada, that's what it was.

But alas, there was a solution.

We found a picture of the oldest guy we could find, and then put him on our name tags.

We're thinking most won't even notice.

For those of  you who won't be able to attend, here's our name tag that we will use that might get us into the AR do.

Another thing, you may notice is both of our names are on our name tag. Both of us will be wearing it (we're both older than Rich, but don't look like it), because it takes both of us to do what we do. One of us writes mostly, the other deals with clients day in and day out, which gives us the time to maintain a blog in the style and spirt we choose.

We're bringing Maxene with us too. And like us, she was name tag photo concerned as well. So rather than the oldest guy, we put the oldest looking person we could find on her name tag.

We're thinking some will notice this one.